Richard Usher, formerly of JPMorgan, Rohan Ramchandani, formerly of Citigroup, and Christopher Ashton, formerly of Barclays, were charged with conspiring to restrain trade in an indictment filed at a federal court in Manhattan.
Former Barclays trader Jason Katz becomes the first person to admit criminal wrongdoing in the FX probe, pleading guilty to U. Ex-Citi trader Perry Stimpson wins his unfair dismissal hearing at an employment tribunal in London. The first five pleaded guilty to felony charges, while BAML was fined for compliance failures.
The Bank of England fires chief dealer Martin Mallett, and announces it has scrapped the regular chief dealers meetings for good. The Bank of England suspends Martin Mallett, and appoints Lord Anthony Grabiner to lead an independent investigation into what the Bank knew of alleged currency market collusion and manipulation. Citi fires chief dealer Rohan Ramchandani, a member of the BoE-chaired chief dealers group and the first trader in the unfolding scandal to be sacked.
The investigation goes global. The Hong Kong Monetary Authority says it is cooperating. Swiss bank UBS provides the U. Department of Justice with information on FX allegations in the hope of gaining antitrust immunity if charged with wrongdoing. A scheduled chief dealers meeting for July 4 never takes place. Bloomberg News reports dealers used electronic chatrooms to share client order information to manipulate benchmark exchange rates at the 4: The chief dealers group meets for what will be the last time.
These get-togethers between top London-based FX traders and senior BoE officials will become known as the chief dealers meetings. They will be held regularly every year up to , where the traders and Bank officials will discuss market trends and issues. Every meeting will be chaired by BoE chief dealer Martin Mallett. Compiled by Jamie McGeever. All quotes delayed a minimum of 15 minutes.
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